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StatisticsQ&A LibraryProblem 2 (20 points). A university endowment fund is a collection of donations ofmoney or property to the university. Universities invest this money per directed bydonors or as they see fit. More information on what endowments are and what they docan be found here: https://www.investopedia.com/ask/answers/how-do-university-enBelow is a subset of Midwestern universities and their endowment funds for fiscal year2018:Endowment FY2018 (millions of dollars)InstitutionUniversity of MichiganNorthwestern UniversityUniversity of ChicagoOhio State UniversityUniversity of MinnesotaUniversity of Wisconsin foundationMichigan State UniversityUniversity of IowaUniversity of CincinnatiIowa State UniversityOklahoma State UniversityMedical College of WisconsinOberlin CollegeMarquette UniversityLoyola University of ChicagoUniversity of WyomingKansas State UniversityIllinois Institute of TechnologyHope CollegeRockhurst UniversityUniversity of Detroit Mercy11901.7611087.4597928.4855211.4343717.4762985.2512907.7671500.5461367.4261063.772983.881930.961905.947668.567643.806513.201480.375235.271225.65633.19958.674(a) Calculate the five-number summary for this data set, and give a boxplot. Commenton observations.(b) Find the 6oth percentile of this dataset./5Question

Asked Dec 6, 2019

64 views

Can you do Problem 2 questions (a) and (b)?

Step 1

**(a)**

** **

The first quartile of the given funds is** 513.201 **and it is calculated by using the Excel function,

The second quartile of the given funds is ** 983.881 **and it is calculated by using the Excel function,

The third quartile of the given funds is ** 2985.251** and it is calculated by using the Excel function,

The minimum value of the given funds is ** 33.199** and it is calculated by using the Excel function,

The maximum value of the given funds is ** 11901.76** and it is calculated by using the Excel function,

** **

The five-number summary for the given data set is,

**Minimum value: 33.199**

**First Quartile: 513.201**

**Median or second quartile: 983.881**

**Third Quartile: 2985.251**

**Maximum value: 11901.760**

Step 2

**Boxplot for the given observations:**

** **

*Steps to construct box plot:*

- Select the data for funds in Excel.
- Go to
**Insert**. - Select
**box**under**Charts**.

*Excel Output:*

Step 3

From the boxplot, it is clear that there are three observations lies apart from the remaining data values. That is, three observations are treated as outliers. Hence, there ar...

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